The Real Deal New York

Here’s what the $10M-$20M investment sales market looked like last week

Blue Man Group founders sell private school, Sami Mahfar buys UES building
By Christian Bautista | December 19, 2017 08:30AM

From left: 241 Fifth Avenue and 1220 Lexington. Inset: Blue Man Group

In the world of mid-market New York City investments last week, the Blue Man Group sold its private school for $17.6 million and JTRE Holdings sold a Fifth Avenue retail condo for $10.8 million.

1) The founders of the Blue Man Group sold the location of their Lower Manhattan private school to Swiss firm Clermont Consultants for $17.6 million. The six-story property, at 241 Water Street, sits near the Brooklyn Bridge. It used to house Seamen’s Church Institute before it was converted into a nursery and elementary school building called the Blue School. The Blue Man Group bought it for an undisclosed amount in 2010. The school will continue to occupy the location. It holds a lease for the whole building that runs until 2060.

2) JTRE Holdings sold a commercial condo unit at 241 Fifth Avenue for $10.8 million. The buyer is NYC Fifth Avenue Retail Holdings, LLC, which appears to be controlled by an individual named Stanyslav Iermakov. JTRE, headed by investor Jack Terzi, bought the retail condo for $6.8 million in 2014. Brian Segall, Andrew Jacobs and George Martinecz of RKF represented the seller.

3) Landlord Sassan “Sami” Mahfar bought a four-story apartment building in the Upper East Side for $13 million. The property, at 1220 Lexington Avenue, contains eight apartments and 10 commercial units. The seller, the Silber family, has owned the building since the 1960s, according to property records.

4) Brooklyn firm J. Wasser & Company bought two five-story apartment buildings in the Fordham area of the Bronx for $10 million. The properties, at 2263 Morris Avenue and 2342 Ryer Avenue, are around the corner from each other. The buildings contain a total of 64 apartments. The seller is 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC. Rosewood Realty’s Aaron Jungreis represented both sides of the transaction.

5) Northside Capital Corporation bought a development site in Williamsburg from Alliance Private Capital for $11.3 million. The 10,000-square-foot property, at 526 Union Avenue, was previously the parking lot for Italian restaurant Bamonte’s. Alliance bought the site for $9.6 million in 2014. The firm filed plans for a seven-story, 37-unit apartment building in 2015. Northside is financing the acquisition with a $7 million loan from Spruce Capital Partners.

6) Brooklyn investor Isaac Dahan sold a parking lot in Brooklyn’s Broadway Triangle area for $11 million. The property, at 11 Whipple Street, is a 10,000-square-foot development site. The buyer is Brooklyn-based Whipple Properties LLC. The buyer is financing the acquisition with a $6.4 million loan from Banco Popular North America.